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Commissioner of Income Tax v. Honda Siel Power Products Ltd. (2009) – Expenditure on Expansion of Existing Business Allowed as Revenue Expenditure under Section 37(1) of the Income-tax Act
Facts of the CaseHonda Siel Power Products Ltd. was engaged in the
manufacture of portable generator sets.For its manufacturing operations, the company was
procuring aluminium die-cast components from outside vendors. ...
Commissioner of Income Tax vs. Assessee – Genuine Share Transactions and Non-Taxability of Capital Gains in Incorrect Assessment Year | Delhi High Court
Facts of the Case
The
assessee had undertaken transactions involving sale of shares.
The
Revenue disputed the genuineness of the transactions and sought to tax the
alleged capital gains in the relev...
Commissioner of Income Tax v. Jindal Exports Ltd. & Connected Appeals | Delhi High Court Upholds Earlier Precedent in ITA No. 883/2009
Facts of the Case
The
Revenue preferred Income Tax Appeal No. 883 of 2009 before the Delhi High
Court.
The
appeal involved a question that had already been examined and adjudicated
by the Delh...
Delay in Filing Appeal Cannot Be Condoned Merely Due to Change of Counsel v. Commissioner of Income Tax | Delhi High Court Dismisses Time-Barred Appeal and Finds No Substantial Question of Law
Facts of the CaseThe appellant filed an appeal before the Delhi
High Court against the order of the Income Tax Appellate Tribunal dated 31
March 2006. According to the appellant, the Tribunal's order was received on 10...
Delay in Filing Income Tax Appeal and Section 254(2) Rectification Application – Delhi High Court Dismisses Time-Barred Appeal | ITA No. 811/2009 vs Commissioner of Income Tax
Facts of the CaseThe appellant challenged the order passed by the
Income Tax Appellate Tribunal (ITAT) dated 31 March 2006. According to the
appellant, the Tribunal's order was received on 10 May 2006. However, no appe...
Commissioner of Income Tax vs. Bonanza Portfolio Ltd. (Delhi High Court) – Allowability of Bad Debt Claim by Share Broker Under Sections 36(1)(vii) and 36(2) of the Income-tax Act, 1961
Facts of the Case
The
assessee, M/s Bonanza Portfolio Ltd., was engaged in the business of share
and stock broking.
For
Assessment Year 2001-02, the assessee filed its return declaring income of
...
Commissioner of Income Tax, Delhi–XVII vs Aar Pee Apartments (P) Ltd. | Delhi High Court | Section 142A Cannot Be Invoked for Determination of Unexplained Expenditure Under Section 69C
Facts of the CaseThe assessee, Aar Pee Apartments (P) Ltd., was
engaged in the construction business and had undertaken three projects, namely
Yusuf Sarai Project, Jaina Tower II and Jaina Tower III.For Assessment Year...
ICAI Accounting Research Foundation & Anr. vs. Director General of Income Tax (Exemptions) & Ors. – Research Activities and Educational Institutions Entitled to Exemption under Section 10(23C)(iv) of the Income-tax Act, 1961
Facts of the Case
The
Institute of Chartered Accountants of India (ICAI), a statutory body
established under the Chartered Accountants Act, 1949, created the ICAI
Accounting Research Foundation.
The...
Assessee vs Commissioner of Income Tax – Corpus Donations Received by Charitable Institution Treated as Capital Receipts – Delhi High Court (ITA No. 826/2009)
Facts of the CaseThe Income Tax Appellate Tribunal examined the
nature of corpus donations received by the assessee from various donors. While
deciding the matter, the Tribunal relied upon the judgments in Keshav Socia...
Commissioner of Income Tax vs. Gujrat Guardian Limited | Section 260A and Section 37 of Income Tax Act, 1961 — Dismissal of Revenue Appeal as Matter Covered by Precedent Judgement
Facts
of the CaseThe Income Tax Appeal arises out of
proceedings under the Income Tax Act, 1961, wherein the Revenue Authority (the
Commissioner of Income Tax) filed an appeal docketed as ITA No. 767/2009 before
the ...